Miners may be asked to foot C19 bill

Day two of self-isolation: bored mental but looking on the bright side; my hands have never been cleaner and I have stopped biting my fingernails. On the negative side, my firm belief in the non-existence of God is being sorely tested.If recent French news is shown to be valid and quinine does indeed prove efficacious in combatting the coronavirus, suggesting that the best thing I can do to save the planet is lay in front of the tele, drinking G&Ts, then there might just be a God. If next week, some scientist discovers that M&Ms provide a high degree of protection against infection, then it's pretty much game over for the world's atheists.Mercifully we are not there yet but, just in case, I have been doing a bit of research and so far the Norse deities are looking the most likely, as they seem to enjoy a spot of debauchery and don't demand too much fawning devotion.Given that the UK and my office are now pretty much closed for the foreseeable future, I have taken the difficult decision to abandon wife and children and head to Australia. I was, and remain, rather torn by this, but they are a pretty stout lot and having been dispatched to the countryside, they are likely to be able to see this beastie off. My parents on the other hand are very firmly in the cross hairs and so it was decided that while I was pretty damned useless in London, I might be useful down there - but hopefully not. From time to time, we are forced to choose between options that are all bad - this is one of those times.Having said that, I am now locked up for two weeks isolation in an Airbnb overlooking Bondi beach, which is not the worst place in the world to spend some time - or at least it would be if it were not for the annoying fact that, while I can see the beach I am not actually allowed to set foot on it. Ah well, first-world problems that will not earn me much sympathy, I fear.The other thing I would note, for those who are interested, is that surgical face masks are really uncomfortable. They're OK for a few seconds but then get all hot and humid, like trying to breath through a pair of dirty gym shorts. It lasted about five minutes on the plane before I decided to take my chances given that the thing looked so flimsy that any half-determined microbe could muscle its way through without too much difficulty - that, and I couldn't drink my medicinal G&Ts through it.Generosity will be seen as evidence of their ability to do more and so more will be demandedBut back to business: we are really living in very interesting times, and confusing ones.The markets do seem to have found their bottom and bounced back strongly, but I for one am not wading in just yet, as there are a few little speed bumps yet to come - or at least one very large one.Most of the world seems to be getting a grip on the virus, perhaps a bit belatedly. Even among the awful carnage in Italy the tide appears to be turning, providing hope that it can be managed and the world will not end. However, both sadly and predictably, the one outlier is the US, led by a moron, populated by a profoundly uninformed people who refuse to be told what to do, and with the most thuggish health system on the planet, they are about to be whacked with a boggling death toll that is already by-and-large hard wired in and just needs a few more days cooking.Next week will be their time, so then let's see what the markets do.In the meantime, governments of the world are responding financially with the only tool they have left, the printing presses; creating so much new money out of thin air that even the most ardent fiscal conservatives have given up trying to count. I am no fan, but needs must. However, I note the irony that right-wing governments around the world are in effect, enacting socialism in a way that even comrade Corbyn might have baulked at - and it is that which worries me slightly.The issue with governments, among many, is that they tend to only move in one direction: they are very good at making laws and imposing additional layers of control, but almost universally seem to have little enthusiasm for winding it all back. As a result, the statute books grow ever taller and we grow ever more accustomed to being watched and constrained.In general, I am not overly fussed as my life is quite dull and not worth watching, but we face a time in a couple of months, when the coronavirus passes, that the world will emerge blinking and dazed from its bunker, look at the bill in horror and wonder how it hell it will be paid for.Of course, much of it will be simply be monetised by various central banks around the world, which will no doubt send gold bugs into a complete frenzy, but there will still be quite a bit that has to be dealt with in the good old fashioned way - actually paying the bill. Clearly this means taxation, which might then be a problem as a pretty large chunk of the world's corporations may not have survived the pandemic and of those that did, most will have been so financially hammered that they won't be paying any tax in my lifetime.And, so, greedy eyes will be cast around for those who can pay - and will land on the miners.I noted last week that I felt miners would weather the storm better than most, a view that seems well supported, but what does not yet seem to be recognised is how vulnerable that leaves the miners to being ravished by greedy governments. Sadly, it is all too common a story as miners are all too accustomed to being ravished - too accustomed to be punished for their success.Miners haven't a chance. Their assets are fixed in place and, in most cases, are actually owned by the government, who make a great song and dance about how it all belongs to the people, despite the fact that the people played no part in their discovery, and wouldn't go out to those smelly, dusty places if you put a gun to their heads. Taxes will be increased, royalties will be ramped up, equity positions will be demanded, unnecessary staff will need to be hired, the sector will be required to do its bit, despite having done its bit since day one.Pleasingly, I note BHP has attempted to get ahead of the curve by announcing a major hiring push and reducing its payment terms to small suppliers to seven days. This is the right thing to do and they should be applauded for it. But they probably won't.Instead their generosity will be seen as evidence of their ability to do more and so more will be demanded, if not now, then very soon.The virus will pass, but the effects will linger and I fear our little industry will be required to lay back and think of England. Yet again.

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